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Ellington Financial (EFC)
NYSE:EFC
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.42Last Year’s EPS
0.39Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call presented a strongly positive operational and strategic picture: ADE coverage, meaningful portfolio growth (9% Q4; ~20% YoY), expanded securitization capabilities, a $400M unsecured notes issuance, and a 45% increase in unencumbered assets materially strengthened the balance sheet and funding profile. Management also executed targeted capital actions (accretive equity raise and preferred redemption) and reported solid credit metrics and originator performance. Offsetting items included near-term GAAP drag from fair-value accounting and deal costs, NIM compression driven by warehouse deployment, modest losses in select credit segments (CLO, CMBS, ABS, RCL), and ongoing policy/market uncertainty that could affect certain residential sectors. On balance, the substantive operational wins and balance sheet improvements outweigh the transitory and localized negatives, supporting a constructive outlook.Company Guidance
Adjusted Distributable Earnings Covered Dividend
ADE of $0.47 per share in Q4 2025, exceeding the $0.39 per share dividend (six consecutive quarters of dividend coverage).
GAAP and Economic Returns
GAAP net income of $0.14 per common share for Q4 2025; economic return for the quarter was 4.6% annualized and January 2026 economic return was ~2% (book value directionally up ~1% net of dividend).
Robust Portfolio Growth
Portfolio expanded by 9% in Q4 (after securitizations) and almost 20% year-over-year to nearly $5.0B; adjusted long credit portfolio increased 15% quarter-over-quarter to $4.1B.
Active Securitization and Product Expansion
Completed seven securitizations in Q4 and 25 securitizations in 2025 (vs. 7 in 2024); expanded EFMT securitization shelf to five residential loan sectors, including first-ever RTL and agency-eligible securitizations.
Largest Unsecured Notes Offering and Liability Improvements
Successfully issued $400,000,000 of unsecured notes (largest to date); share of long-term non mark-to-market recourse borrowings rose to 30% from 17% QoQ and unsecured borrowings to 18% from 8% QoQ, lengthening and diversifying the liability profile.
Material Increase in Unencumbered Assets
Unencumbered assets increased ~45% quarter-over-quarter to $1,770,000,000 (approximately 90–95% of total equity), enhancing balance sheet resilience and financing optionality.
Origination and Vertical Integration Momentum
Strong origination volumes across non-QM, agency-eligible, second-lien, proprietary reverse mortgages and commercial bridge loans; affiliated originators grew volumes and contributed earnings; proprietary residential loan portal generating ~$400M/month in flow.
Capital Actions to Reduce Cost of Capital
Raised accretive common equity in January while trading at a premium to book; announced redemption of series A preferred (coupon >9%) to lower ongoing cost of capital.
Robust Credit Performance and Asset Resolution
Sequentially lower 90-day delinquency rates and continued low life-to-date realized credit losses across residential and commercial loan portfolios; principal paydowns of $207,000,000 in RTL/commercial/consumer portfolios representing 12.7% of client fair value in the quarter.
Improved Funding Costs and Term Extension
Total weighted average borrowing rate on recourse borrowings decreased 32 basis points to 5.67%; weighted average remaining term on repo extended by 38% QoQ to nearly nine months.
EFC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
EFC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $12.39 | $12.45 | +0.48% |
Nov 05, 2025 | $13.15 | $13.25 | +0.80% |
Jul 30, 2025 | $11.99 | $11.85 | -1.17% |
May 07, 2025 | $11.58 | $11.72 | +1.25% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Ellington Financial (EFC) report earnings?
Ellington Financial (EFC) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is Ellington Financial (EFC) earnings time?
Ellington Financial (EFC) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EFC EPS forecast?
EFC EPS forecast for the fiscal quarter 2026 (Q1) is 0.42.